Santander introduces new £200 switching deal

Posted: 23 January 2023 2:56 pm
News

Santander introduces a £200 switching bonus for its Santander Edge, Santander 123, Everyday, Select and Private current accounts.

If you’re looking to switch current accounts and bag yourself a cash bonus, then it’s worth considering the latest switching deal from Santander.

Santander has refreshed its switching bonus to £200 for almost its entire current account range.

New customers will receive £200 if they switch to one of the following accounts: Santander Edge current account, Santander 123 current account, Everyday current account, Select current account or Private current account (if they meet the eligibility criteria).

How do you get the Santander £200 deal?

The deal itself is a £200 switching bonus. To be eligible, you must complete a full switch to your new account using the Current Account Switch Service and set up at least 2 active direct debits to the new account.

Within 60 days you’ll also need to pay in £1,000 and log onto online or mobile banking. You can expect to receive your cash bonus around 90 days after you initiate your switch, assuming you meet the eligibility criteria.

You won’t be eligible for the offer if you’ve already claimed a switching offer on any Santander, cahoot or Cater Allen accounts.

See the full details in our best bank account switching deals guide to help you compare bank offers and incentive schemes.

Which accounts are covered?

The switching bonus applies to most of Santander’s current account range, including accounts that come with a monthly fee: Santander Edge and Santander 123.

The Santander Edge account pays 1% cashback on selected household bills and 1% cashback at supermarkets and on travel costs when you use your direct debit. You’ll also get access to the Santander Edge Saver at 4% on balances up to £4,000. In return, you’ll need to pay a £3 monthly fee to maintain the account, and you’ll need to meet some eligibility criteria.

Santander’s long-running 123 current account allows you to earn tiered cashback rates on certain household bills, and get monthly interest on your balance. You can also get access to its Regular Saver at 2.75%.

Other bank account switching offers

The Santander offer is currently top of the market. It edges out first direct’s £175 switching bonus, through the switching incentive itself and what the accounts can offer in terms of interest and cashback.

Lloyds also has a £200 switching deal available, but it’s only available on its Platinum and Silver accounts, which have a higher monthly fee than the Santander accounts.

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